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Montevideo, January 2, 2026
Ref: INSURANCE AND REINSURANCE REGULATIONS COMPILATION - Capital Requirement for Technical Insurance Risks

The market is informed that the Superintendence of Financial Services adopted Resolution SSF N° 2025-745 on December 29, 2025.

2024-50-1-02366
Diagonal Fabini 777 - C.P. 11100 - Tel.: (598 2) 1967 - Montevideo, Uruguay - www.bcu.gub.uy PATRICIA TUDISCO Superintendent of Financial Supervision

CIRCULAR N° 2494

SUPERINTENDENCE OF FINANCIAL SERVICES – RESOLUTION SUPERINTENDENCE OF FINANCIAL SERVICES

VISTO: The regulations regarding capital requirements for insurance companies established in the Insurance and Reinsurance Regulations Compilation.

RESULTING FROM:
I) That in December 2021, a roadmap was developed and published with the objective of implementing a risk-based capital model in insurance companies.
II) That, within the framework of the tasks defined in said roadmap, in 2024 the Supervision Directorate prepared a preliminary proposal for technical insurance risks (Initiative M12 - Continue alignment with International Standards – Insurance), with the issuance of the relevant regulation scheduled for 2025 (Initiative M10 - Carry out regulation on risk capital – insurance companies). III) That the preliminary regulatory proposal was based on the guidelines of Solvency II, with the adjustments required by local reality based on information from insurance companies in the possession of the Superintendence of Financial Services and other information that was specially requested. IV) That, regarding technical insurance risks, the regulation distinguishes three components: premium, reserve, and catastrophic events, covering both property and casualty insurance as well as life insurance, and considering whether they generate or do not generate mathematical reserves. V) That the aforementioned regulatory proposal was submitted for consultation to supervised institutions and the general public on August 22, with the deadline for receiving comments expiring on October 3 of the current year. VI) That comments and inquiries were received from the Uruguayan Association of Insurance Companies (AUDEA) and the State Insurance Bank (BSE). VII) That the main comments referred to the following aspects: impact assessment and implementation schedule, technical foundations and factors used, inquiries regarding the calculation of the capital requirement for reserve and premium risks, and considerations related to catastrophic risks and reinsurance.

RR-SSF-2025-745 Date: 12/29/2025 16:45:51
CIRCULAR N° 2494

CONSIDERING:
I) That the comments received from the industry provided elements that allowed improving the original proposal, corroborating the value that the consultation process has for the regulator. II) That, considering the aforementioned comments, the following adjustments were made to the wording of the regulation:

For the purpose of calculating the capital requirement for premium risk, it was specified that premiums for direct insurance, reinsurance, and active retrocessions, issued in the twelve months prior to the end of the considered period, net of cancellations, must be considered (Article 21.9.1.1 and 21.9.2.1 item 1).
In the capital requirement for catastrophic risk of automobile civil liability, it was clarified that the formula compares the number of insured vehicles with the maximum limit of insured vehicles, both defined in units (Article 21.9.1.3).
The definition is adjusted to specify that in the calculation of the capital requirement for catastrophic risk of mass accident, the individual exposure of each insurer must be considered (Article 21.9.2.4, item 2).

ATTENTIVE: To what is established in letter A) of Article 38 of Law No. 16.696 of March 30, 1995, as amended by Article 2 of Law No. 20.345 of September 19, 2024, the Memorandum MM/2025/00464 dated December 18, 2025, and the reports issued by this Superintendence of Financial Services.

The MR. MANAGER OF THE FINANCIAL INFORMATION AND ANALYSIS UNIT IN EXERCISE OF DELEGATED AND ENTRUSTED ATTRIBUTES AS SUPERINTENDENT OF FINANCIAL SERVICES RESOLVES:

SUBSTITUTE in Title I Bis – Minimum Capital, of Book II – Stability and Solvency of the Insurance and Reinsurance Regulations Compilation, Article 21 with the following:

ARTICLE 21 (CAPITAL REQUIREMENT FOR RISKS).
The risk-based capital must be sufficient to address situations of unexpected losses in insurance companies that may arise from the realization of the main risks to which they are exposed. These risks are:

Market risk
Counterparty risk
Technical insurance risks
Operational risk

The capital requirement for risks will be the aggregation of the capital requirements for market risk, counterparty risk, and technical risks for property damage and for persons, considering the correlation between them, plus the capital requirement for operational risk.

For its calculation, the following formula must be applied:

Where,

= capital requirement for risks
= ordered pairs of capital requirements associated with the different risks: RCRC
= capital requirement for operational risk
= correlation between risks

Being,

= capital requirement for market risk
= capital requirement for counterparty risk
= capital requirement for technical insurance risks for property damage
= capital requirement for technical insurance risks for persons

For the application of the first term of the above formula, the following correlation matrix must be considered:

Risks	Market	Counterparty	Insurance for persons	Property Damage Insurance
Market	1	0.25
Counterparty	0.25	1	0.25	0.5
Insurance for persons	0.25	0.25	1	0
Property Damage Insurance	0.25	0.5	0	1

INCORPORATE into Title I Bis – Minimum Capital, of Book II – Stability and Solvency of the Insurance and Reinsurance Regulations Compilation the following articles:

ARTICLE 21.9 (CAPITAL REQUIREMENT FOR TECHNICAL INSURANCE RISKS)
The capital requirement for technical insurance risks seeks to contemplate the possibility of losses occurring from the sale of insurance, whether due to insufficient premiums originating in pricing models, inadequate underwriting of risks, exceptionally high loss situations, or insufficiency of the technical reserves established to respond to obligations assumed with policyholders. This requirement is divided into two categories:

Property damage insurance;
Life insurance.

ARTICLE 21.9.1 (CAPITAL REQUIREMENT FOR RISKS OF PROPERTY DAMAGE INSURANCE)
The capital requirement for risks of property damage insurance must reflect the risk derived from obligations of insurance other than life insurance, both for existing insurance obligations and for new activities expected to be carried out in the following twelve months.

For the purpose of calculating capital requirements for the branch of work accidents and occupational diseases, what is established in Articles 21.9.2.2 (capital requirement for mortality risk) and 21.9.2.3 (capital requirement for longevity risk) shall apply.

For the remaining branches of property damage insurance, it is calculated as a combination of the capital requirements corresponding to the following risks:

premium risk;
reserve risk;
catastrophic risk.

The calculation of said capital requirement will be the result of applying the following formula:

Where,

= capital requirement for risks of property damage insurance
= ordered pairs of capital requirements associated with the different risks of property damage insurance:
= correlation between risks

Being,

= capital requirement for premium risk of property damage insurance
= capital requirement for reserve risk of property damage insurance
= capital requirement for catastrophic risk of property damage insurance

For the application of the above formula, the following correlation matrix must be considered:

Risk	Premium Risk of Property Damage Insurance	Reserve Risk of Property Damage Insurance	Catastrophic Risk of Property Damage Insurance
Premium Risk of Property Damage Insurance	1	0.5	0.25
Reserve Risk of Property Damage Insurance	0.5	1	0.25
Catastrophic Risk of Property Damage Insurance	0.25	0.25	1

ARTICLE 21.9.1.1 (CAPITAL REQUIREMENT FOR PREMIUM RISK)
The premium risk is defined as the risk that premiums for the next twelve months will not be sufficient to cover claims that occur during the coverage period, in addition to the expenses necessary for business management. This may be due to inadequate pricing, unexpected variations in the frequency and severity of claims over time, as well as at the moment of their occurrence and in the volatility of expenses.

The capital requirement for premium risk of property damage insurance will be determined as follows:

Where,

= capital requirement for premium risk of property damage insurance
= ordered pairs of capital requirements associated with the different by branch or sub-branch
= correlation between risks

The capital requirement for premium risk of property damage insurance for each branch or sub-branch will be determined as follows:

Where,

= capital requirement for premium risk of property damage insurance
= standard deviation of the premium risk of property damage insurance
= premiums for property damage insurance earned net of reinsurance for direct insurance, reinsurance, and active retrocessions, issued in the 12 months prior to the end of the considered period (net of cancellations).

For each branch or sub-branch, the specified standard deviations must be used, according to the instructions that will be issued. In the consolidation of branches and sub-branches, the correlation coefficients detailed in said instructions must be taken into consideration.

Non-proportional excess of loss reinsurance contracts may be considered by applying the adjustment factors (NP) established in the instructions that will be issued, provided they meet the conditions established in said instructions.

ARTICLE 21.9.1.2 (CAPITAL REQUIREMENT FOR RESERVE RISK)
The reserve risk is defined as the possibility that adverse modifications occur in the value of insurance liabilities, due to the unexpected variability of the pending claim reserve until its complete settlement.

The capital requirement for reserve risk of property damage insurance will be determined as follows:

Where,

= capital requirement for reserve risk
= ordered pairs of capital requirements associated with the different by branch or sub-branch
= correlation between risks

The capital requirement for reserve risk of property damage insurance for each branch or sub-branch will be determined as follows:

Where,

= capital requirement for reserve risk
= standard deviation of the reserve risk of property damage insurance
= pending claim reserves net of reinsurance for property damage insurance

ARTICLE 21.9.1.3 (CAPITAL REQUIREMENT FOR CATASTROPHIC RISK – PROPERTY DAMAGE)
Catastrophic risk is the risk of significant losses derived from extreme or exceptional events, which generate adverse modifications in the value of liabilities derived from insurance, due to uncertainty in pricing hypotheses and reserve formation.

The catastrophic risk of property damage insurance comprises the following risks:

catastrophic risk from natural events;
catastrophic risk caused by man.

It will be equal to the following formula:

Where,

= capital requirement for catastrophic risk
= capital requirement for catastrophic risk from natural events
= capital requirement for catastrophic risk caused by man

CAPITAL REQUIREMENT FOR CATASTROPHIC RISK FROM NATURAL EVENTS
The catastrophic risk from natural events comprises the following risks:

windstorm risk;
flood risk;
hail risk;
drought risk.

It will be calculated according to the following formula:

Where,

= capital requirement for catastrophic risk from natural events
= capital requirement for risk

1.1 CAPITAL REQUIREMENT FOR CATASTROPHIC RISK OF WINDSTORM
The catastrophic windstorm risk captures the risk of significant losses derived from a single event related to windstorm (includes hurricanes, cyclones, depressions), affecting housing, commerce, industry, agricultural, and automobile insurance (if they have coverage against natural phenomena).

The capital requirement for catastrophic risk of windstorm will be equal to the following:

Where,

= capital requirement for catastrophic risk of windstorm
= windstorm risk factor, according to the instructions that will be issued
= sums insured exposed to windstorm
= recovery by reinsurance

1.2 CAPITAL REQUIREMENT FOR CATASTROPHIC RISK OF FLOOD
The catastrophic flood risk considers the possibility of significant losses caused by massive floods that affect insured exposures with material damage of magnitude, which may include homes, commercial buildings, vehicles, and agricultural land.

The capital requirement for catastrophic risk of flood will be calculated as follows:

Where,

= capital requirement for catastrophic risk of flood
= flood risk factor, according to the instructions that will be issued
= sums insured exposed to flood risk
= recovery by reinsurance

1.3 CAPITAL REQUIREMENT FOR CATASTROPHIC RISK OF HAIL
The catastrophic hail risk is the risk that an extreme meteorological event, characterized by a hailstorm, causes significant and concentrated losses in insured portfolios.

The capital requirement for catastrophic risk of hail will be calculated as follows:

Where,

= capital requirement for catastrophic risk of hail
= hail risk factor, according to the instructions that will be issued
= sums insured exposed to hail risk
= recovery by reinsurance

1.4 CAPITAL REQUIREMENT FOR CATASTROPHIC RISK OF DROUGHT
The catastrophic drought risk is the risk that an extreme meteorological event, characterized by a situation of water scarcity due to a significant decrease in precipitation, causes significant and concentrated losses in insured portfolios.

The capital requirement for catastrophic risk of drought will be calculated as follows:

Where,

= capital requirement for catastrophic risk of drought
= drought risk factor, according to the instructions that will be issued
= sums insured exposed to drought risk
= recovery by reinsurance

CAPITAL REQUIREMENT FOR CATASTROPHIC RISK CAUSED BY MAN
The catastrophic risk caused by man comprises the following risks:

automobile civil liability risk;
aviation risk;
fire risk;
civil liability risk;
credit and surety risk.

It will be calculated according to the following formula:

Where,

= capital requirement for catastrophic risk caused by man
capital requirement for risk

2.1 CAPITAL REQUIREMENT FOR CATASTROPHIC RISK OF AUTOMOBILE CIVIL LIABILITY
The catastrophic risk of automobile civil liability is defined as the possibility of incurring exceptional losses due to the occurrence of infrequent but high-impact events, which cause a high number of simultaneous claims in automobile civil liability insurance.

The capital requirement for catastrophic risk of automobile civil liability will be equal to the instantaneous loss that is equal to the following amount:

Where,

= capital requirement for catastrophic risk of automobile civil liability
= automobile civil liability risk factor
= maximum number of insured vehicles
= number of automobiles insured by the insurance company in the automobile civil liability business lines
= recovery by reinsurance

2.2 CAPITAL REQUIREMENT FOR CATASTROPHIC RISK OF AVIATION
The catastrophic aviation risk captures the risk of a catastrophic loss derived from a single event related to air transport, affecting multiple insured persons or with high insured values involved.

The capital requirement for catastrophic risk of aviation will be equal to the loss of equity of insurance companies that would result from the instantaneous loss of an amount that is equal to the following formula:

Where,

= capital requirement for catastrophic risk of aviation
= sum insured by the insurance company regarding aircraft hull insurance and civil liability insurance related to an aircraft, taking into consideration the entire portfolio.
= recovery by reinsurance

2.3 CAPITAL REQUIREMENT FOR CATASTROPHIC RISK OF FIRE CONCENTRATION
The catastrophic risk of fire concentration covers the risk that a single location with the greatest insured exposure suffers a significant loss due to a single fire event.

The greatest fire risk concentration of an insurance company will be the set of buildings that represents the greatest net sum insured and meets the following conditions:
(a) that the insurance company has, regarding each building, insurance obligations covering damages caused by fire or explosion; (b) that all buildings are located totally or partially within a radius of 200 meters.

For the purposes of the above, the set of buildings may be covered by one or several insurance contracts.

The capital requirement for catastrophic risk of fire will be equal to the loss of equity of insurance companies that would result from the instantaneous loss of an amount calculated according to the following formula:

Where,

= capital requirement for catastrophic risk of fire
= catastrophic fire risk factor, according to the instructions that will be issued
= sum insured exposed to catastrophic risk of fire concentration, corresponding to the greatest concentration
= recovery by reinsurance

2.4 CAPITAL REQUIREMENT FOR CATASTROPHIC RISK OF CIVIL LIABILITY
The catastrophic risk of civil liability contemplates the possibility that an extreme and unexpected event generates a large volume of simultaneous claims in civil liability insurance, causing significant financial losses for the insurer.

The capital requirement for catastrophic risk of civil liability will be equal to the loss of equity of insurance companies that would result from the instantaneous loss of an amount that is equal to the following formula:

Where,

= capital requirement for catastrophic risk of civil liability
= sum insured by the insurance company regarding civil liability insurance, considering all active policies
= recovery by reinsurance

2.5 CAPITAL REQUIREMENT FOR CATASTROPHIC RISK OF CREDIT AND SURETY
The catastrophic risk of credit and surety contemplates the possibility that an extreme and unexpected event causes massive payment defaults in insured contracts, generating a high volume of claims and significant losses for insurers offering credit and surety insurance.

The capital requirement for catastrophic risk of credit and surety will be calculated according to the following formula:

Where,

= capital requirement for catastrophic risk of credit and surety
= capital requirement for significant default risk
= capital requirement for recession risk
= is the recovery by reinsurance

The capital requirement for significant default risk is equal to the loss of equity that would result from the instantaneous default of the two most important exposures. The calculation of the requirement will be based on the hypothesis that the loss in case of default of each exposure is equal to 10% of the sum insured related to the exposure.

The two most important credit insurance exposures will be determined by comparing the net loss after reinsurance in case of default.

The capital requirement for recession risk is equal to the loss of equity that would result from the instantaneous loss of an amount that is equal to 100% of the premiums that will be earned during the following twelve months.

ARTICLE 21.9.2 (CAPITAL REQUIREMENT FOR RISKS OF LIFE INSURANCE)
It will be necessary to distinguish between products with a duration of one year or less and products with a duration greater than one year that generate mathematical reserves (MR), and it will be the result of applying the following formula:

Where,

RR-SSF-2025-745 Date: 12/29/2025 16:45:51
CIRCULAR N° 2494

Capital Requirement for Technical Risks of Life Insurance

= capital requirement for life insurance risks for persons
= ordered pairs of capital requirements associated with the different life insurance risks for persons:
= correlation between risks

Where,

= capital requirement for premium and reserve risk for life insurance for persons that do not generate MR
= capital requirement for mortality risk
= capital requirement for longevity risk
= capital requirement for catastrophic risk for life insurance for persons

For the application of the above formula, the following correlation matrix must be considered:

Life Insurance Risks for Persons (no MR)	Mortality Risk	Longevity Risk	Catastrophic Risk for Life Insurance for Persons
Life Insurance Risks for Persons (no MR)	1	0.50	0.50	0.25
Mortality Risk	0.50	1	-0.25	0.25
Longevity Risk	0.50	-0.25	1	0
Catastrophic Risk for Life Insurance for Persons	0.25	0.25	0	1

ARTICLE 21.9.2.1 (CAPITAL REQUIREMENT FOR PREMIUM AND RESERVE RISK FOR LIFE INSURANCE FOR PERSONS THAT DO NOT GENERATE MATHEMATICAL RESERVES)

The capital requirement for premium and reserve risk for life insurance for persons that do not generate mathematical reserves (MR) will be the result of applying the following formula:

Where,

= capital requirement for premium and reserve risk for life insurance for persons that do not generate MR
= ordered pairs of capital requirements associated with premium and reserve risks for persons:
= correlation between risks

Where,

= capital requirement for premium risk for life insurance for persons that do not generate MR
= capital requirement for reserve risk for life insurance for persons that do not generate MR

For the application of the above formula, the following correlation matrix must be considered:

Premium Risk for Life Insurance for Persons (no MR)	Reserve Risk for Life Insurance for Persons (no MR)
Premium Risk for Life Insurance for Persons (no MR)	1	0.5
Reserve Risk for Life Insurance for Persons (no MR)	0.5	1

1. CAPITAL REQUIREMENT FOR PREMIUM RISK FOR LIFE INSURANCE FOR PERSONS THAT DO NOT GENERATE MATHEMATICAL RESERVES

The capital requirement for premium risk for life insurance for persons that do not generate mathematical reserves will be equal to the following formula:

Where,

= capital requirement for premium risk
= ordered pairs of capital requirements associated with the different branches or sub-branches
= correlation between risks

The capital requirement for premium risk for life insurance for persons that do not generate mathematical reserves for each branch or sub-branch will be determined as follows:

Where,

= capital requirement for premium risk for life insurance for persons that do not generate MR
= standard deviation of premium risk for life insurance for persons that do not generate MR
= net premiums for life insurance for persons that do not generate MR, after reinsurance for direct insurance, reinsurance, and retrocessions, assets, issued in the 12 months prior to the close of the period considered (net of cancellations).

2. CAPITAL REQUIREMENT FOR RESERVE RISK FOR LIFE INSURANCE FOR PERSONS THAT DO NOT GENERATE MATHEMATICAL RESERVES

The capital requirement for reserve risk for life insurance for persons that do not generate mathematical reserves will be equal to the following formula:

Where,

= capital requirement for reserve risk
= ordered pairs of capital requirements associated with the different
= correlation between risks

The capital requirement for reserve risk for life insurance for persons that do not generate mathematical reserves for each branch or sub-branch will be determined as follows:

Where,

= capital requirement for reserve risk for life insurance for persons that do not generate MR
= standard deviation of reserve risk for life insurance for persons that do not generate MR
= net outstanding claim reserves for life insurance for persons that do not generate MR, after reinsurance

ARTICLE 21.9.2.2 (CAPITAL REQUIREMENT FOR MORTALITY RISK)

Mortality risk is defined as the possibility that companies suffer losses due to adverse modifications in the value of commitments undertaken, due to variations in the level, trend, or volatility of mortality rates, for those cases where an increase in mortality rates determines an increase in technical reserves.

The capital requirement will be equal to the loss resulting from an instantaneous permanent increase in the mortality rates used to calculate mathematical reserves, according to the instructions that will be issued.

ARTICLE 21.9.2.3 (CAPITAL REQUIREMENT FOR LONGEVITY RISK)

Longevity risk is defined as the possibility that companies suffer losses due to adverse modifications in the value of commitments undertaken, due to variations in the level, trend, or volatility of mortality rates, for those cases where a decrease in the mortality rate determines an increase in technical reserves.

The capital requirement will be equal to the loss resulting from an instantaneous permanent decrease in the mortality rates used to calculate mathematical reserves, according to the instructions that will be issued.

ARTICLE 21.9.2.4 (CAPITAL REQUIREMENT FOR CATASTROPHIC RISK - LIFE INSURANCE FOR PERSONS)

Catastrophic risk for life insurance for persons comprises the following risks:

catastrophic mortality risk;
catastrophic mass accident risk;
catastrophic pandemic risk.

It will be calculated according to the following formula:

Where,

= capital requirement for catastrophic risk for life insurance for persons
= capital requirement for risk-
= reinsurance recovery

1. CAPITAL REQUIREMENT FOR CATASTROPHIC MORTALITY RISK

Catastrophic mortality risk refers to the possibility that an extreme event causes a sudden and significant increase in the mortality rates of the insured population, generating an exceptional volume of claims in life insurance.

The capital requirement for catastrophic mortality risk will be equal to the loss of shareholders' funds of insurance companies resulting from an instantaneous increase in mortality rates (expressed as percentages) used in the calculation of technical reserves to reflect mortality experience in the following twelve months, according to the instructions that will be issued.

The increase in mortality rates will only apply to insurance policies for which an increase in mortality rates in the following twelve months generates an increase in technical reserves.

2. CAPITAL REQUIREMENT FOR CATASTROPHIC MASS ACCIDENT RISK

Catastrophic mass accident risk is defined as the risk that a single and unexpected event causes a high number of insured victims simultaneously, generating an exceptional concentration of accident claims.

The capital requirement for catastrophic mass accident risk will be equal to the loss of shareholders' funds resulting from the instantaneous loss of an amount equal to the following formula:

Where,

= capital requirement for catastrophic mass accident risk
= ratio of persons affected by the mass accident, according to the instructions that will be issued
= ratio of persons who will receive benefits corresponding to the type of event and as a result of the accident, according to said instructions
= total value of benefits to be paid for the type of event-

The sum insured for a certain type of event- will include all insured persons- of the insurance company that are insured against the type of event-, according to the following formula:

Where,

= value of benefits to be paid by the insurance company to the insured person- in the event that the type of event- occurs.

The value of benefits will be the sum insured or, when the insurance contract provides for recurring benefit payments, the best estimate of benefit payments in the event that the type of event- occurs, according to the event table set forth in the instructions that will be issued.

3. CAPITAL REQUIREMENT FOR CATASTROPHIC PANDEMIC RISK

Pandemic risk is defined as the risk of a sudden and sustained increase in claims due to the spread of a large-scale infectious disease, which generates a high number of claims in life, health, and other related insurance products.

The capital requirement for catastrophic pandemic risk will be equal to the loss of shareholders' funds resulting from the instantaneous loss of an amount equal to the following formula:

Where,

= capital requirement for catastrophic pandemic risk
= catastrophic pandemic risk factor, according to the instructions that will be issued
= pandemic exposure of income protection insurance
= number of insured persons covered by medical expense insurance obligations, other than occupational accident insurance obligations, that cover medical expenses resulting from an infectious disease
= average expected amount to be paid per insured person in the event of a pandemic

The pandemic exposure of income protection insurance of an insurance company will be equal to the following formula:

Where,

= value of benefits to be paid by the insurance company to the insured person- in the event of permanent work incapacity caused by an infectious disease. The value of benefits will be the sum insured or, when the contract provides for recurring benefit payments, the best estimate of benefit payments, assuming that the insured person is permanently incapacitated and does not recover.

The average expected amount to be paid by insurance companies per insured person in the event of a pandemic will be calculated according to the following formula, which considers the types of healthcare utilization provided:

Where,

Hh = ratio of insured persons with clinical symptoms who use healthcare- according to the instructions that will be issued.
= best estimate of amounts to be paid by companies per insured person in relation to medical expense insurance obligations, other than occupational accident insurance obligations, for the use of healthcare- in the event of a pandemic

3) VALIDITY: The provisions in the preceding paragraphs 1) and 2) shall apply from January 1, 2028.
4) COMMUNICATE the provisions in paragraphs 1) to 3) by Circular.

RR-SSF-2025-745 Fecha: 29/12/2025 16:45:51
Exp. 2024-50-1-02366
Publicable: Si - Firmante: FERNANDO GUSTAVO FUENTES SOSA CIRCULAR N°2494

Recopilación de Normas de Seguros y Reaseguros - Capital Requirement for Technical Insurance Risks

Capital Requirement for Technical Risks of Life Insurance

Lineage: In force